Boustead Plantations shares down 10.8% on Q4 net loss

26 Feb 2019 / 12:07 H.

PETALING JAYA: Boustead Plantations Bhd’s share price fell 10.82% or 10.5 sen this morning, after it posted a net loss of RM12.9 million for the fourth quarter ended Dec 31, 2018 (Q4).

As at 11.41am, the stock stood at 86.5 sen with 1.45 million shares changing hands, giving it a market capitalisation of RM1.94 billion.

The loss was attributed to the decline in palm product prices and increase in interest expense attributed to the acquisition of Pertama estates, it told the stock exchange yesterday.

Revenue for the quarter decreased 28% to RM156.56 million, compared with RM218.16 million in the previous corresponding quarter.

For the full year, the group posted a net loss of RM51.78 million, from a net profit of RM620.17 million, while revenue declined 23% to RM584 million, against RM760.1 million previously.

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